Seoul:Police have apprehended 39 individuals for the illegal trading of housing subscription savings accounts. These accounts are crucial for applying for newly built apartments and are part of an ongoing effort to curb real estate speculation.

According to Yonhap News Agency, the housing subscription system in South Korea allocates new apartments through a lottery system. This lottery considers factors such as the duration of time applicants have lived without owning property, the number of dependents in their families, and the length of time they have held these savings accounts.

The suspects allegedly purchased accounts with high chances of winning apartment purchase rights for sums ranging from 30 million won (US$22,340) to 50 million won between March 2024 and 2025. They then resold these rights at a profit, violating the Housing Act. Those found guilty face penalties of up to three years in prison or fines up to 30 million won, in addition to losing their housing contracts and down payments.

Kim Yong-soo, the second vice minister for government policy coordination, led a meeting of the committee on real estate speculation on Wednesday. He urged authorities to rigorously investigate any potential illegal activities in apartment redevelopment or reconstruction projects to safeguard law-abiding applicants.